MILWAUKEE, Nov. 19, 2021 /PRNewswire/ -- Ademi LLP is investigating Spirit (Nasdaq: STXB), for possible breaches of fiduciary duty and other violations of law in its transaction with Simmons.
Click here to learn how to join the action: https://www.ademilaw.com/case/spirit-texas-bancshares-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi LLP alleges Spirit's financial outlook and prospects are excellent and yet Spirit shareholders will receive only approximately $30 per share in a mixture of cash and Simmons' common stock with an aggregate value of approximately $581 million, based on the Simmons' closing stock price of $31.73 on November 17, 2021. The merger agreement unreasonably limits competing bids for Spirit by prohibiting solicitation of further bids, and imposing a significant penalty if Spirit accepts a superior bid. Spirit insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Spirit's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Spirit.
If you own Spirit common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or https://www.ademilaw.com/case/spirit-texas-bancshares-inc.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE Ademi LLP